Investor Presentaiton
GAAP TO NON-GAAP RECONCILIATIONS
NON-GAAP NET INCOME AND EARNINGS PER SHARE RECONCILIATIONS
(dollars in thousands, except per share amounts)
52 Weeks Ended January 28, 2023
After tax
interest
Gross
profit
Selling,
general and
administrative
Income
before
expenses
Other
income
income
taxes
GAAP Basis
$4,284,558
$ 2,805,462 $ (15,949) $ 1,383,748 $ 1,043,138 $
% of Net Sales
Convertible Senior Notes
34.64 %
22.68 %
(0.13)%
11.19 %
(1)
Field & Stream exit charges (2)
Deferred compensation plan
740
(29,340)
30,080
22,259
Numerator
used to
from
compute
Convertible earnings per
Weighted
average
Net
income
(4)
Senior
Notes
diluted
diluted
Earnings per
diluted
(4)
share
shares
share
27,060
$ 1,070,198
99,274 $
10.78
8.43 %
0.22 %
(27,060)
8.65 %
(27,060)
22,259
(10,792)
adjustments
Non-GAAP Basis
$4,285,298
$
14,609
2,790,731
(14,609)
$ (30,558)
% of Net Sales
34.65 %
22.56 %
(0.25)%
$1,413,828
11.43 %
$1,065,397
$
8.61 %
%
$ 1,065,397
8.61 %
88,482 $
12.04
(1)
(2)
Adjustment eliminates the impact of assumed share settlement of the Convertible Senior Notes as required by "the if-converted method" under GAAP. The
Company retired its Convertible Senior Notes without dilutive effect, due to cash payments for principal, shares received from its convertible bond hedge
and shares repurchased to offset share settlement of remaining $59.1 million principal during the 13 weeks ended April 29, 2023. Accordingly, the Company
believes reflecting the notes as debt more closely represents the economics of the transaction.
Field & Stream exit charges of $30.1 million included $28.5 million of non-cash impairments of store assets, $0.8 million of severance and a $0.7 million
inventory write-down related to our closure of 12 Field & Stream stores in the fourth quarter of fiscal 2022.
(3)
Includes non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.
(4)
The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximates the Company's blended tax rate.
DICK'S SPORTING GOODS
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